JLL Capital Markets announced that it has closed the $32.75 million “CofO” acquisition financing of Crossroads at Town Center, a 141-unit, build-for-rent townhome community in Jacksonville, Florida.
360 Communities and PCCP will acquire groups of townhomes as they are completed by a third-party builder. The homes of Crossroads at Town Center feature attached garages, covered lanai porches, private fenced-in backyards, quartz countertops, wood-style plank flooring, nine-foot ceiling heights, stainless-steel appliances, built-in washers and dryers and multiple smart home design offerings. Community amenities include a pool, cabana, dog park and playground.
The property is ideally situated within proximity to the St. John Town Center complex, a super-regional lifestyle center in Jacksonville, Florida with over 175 upscale shopping and dining options, offering residents incredible access to the area’s top amenities. Residents will also be next to Deerwood Office Park and within two miles of 7.2 million square feet of office space. In addition, the property is strategically positioned as the only for-rent townhome community in the St Johns Town Center micromarket.
JLL represented the borrower, 360 Communities (Freehold Capital Management) and PCCP, to secure the loan through Greystar. The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Chris Drew, Managing Director Matthew Putterman, Director Kenny Cutler and Analyst Shane Ciacci.
“Certificate of Occupancy financing facilities like this one are becoming increasingly necessary as top-tier sponsors like 360 Communities are purchasing single-family communities directly from homebuilders,” said Drew. “360 Communities is assembling a tremendous portfolio of single-family rental communities in the Southeast and across the country and has been able to partner with experienced institutional groups like PCCP. We’re excited to see what these two great sponsors are able to accomplish with Crossroads at Town Center.”
